State-insurer allocates P18.5b for emergency loans in calamity areas

Three in 17 regions were declared calamity areas by tropical storm Carina.

The Government Service Insurance System (GSIS) of the Philippines has set aside $320m (P18.5b) in emergency loans to assist 864,089 members and pensioners affected by Tropical Storm Carina and the southwest monsoon (Habagat) in Batangas, Rizal, and the National Capital Region (NCR).

These regions have been declared calamity areas. Members and pensioners may apply for the loan from 26 July to 28 October.

The GSIS Emergency Loan program aims to provide immediate financial relief to its members and pensioners impacted by natural disasters. 

Members and pensioners with existing emergency loan balances may borrow up to P40,000 to enable them to clear their previous loans and receive a maximum net amount of P20,000. 

Those without existing loans may apply for up to P20,000. The loan features a low interest rate of 6% per annum and a repayment period of three years.

To qualify for the emergency loan, active members must not be on unpaid leave, have no pending administrative or legal cases, and have made at least six monthly premium payments before applying. 

Their net take-home pay should not be less than P5,000 as stipulated by the General Appropriations Act. To be eligible for the loan, old-age and disability pensioners must have a net monthly pension that is at least 25% of their gross pension after deducting the amortization of the loan.

($1.00 = P58.38)